Cancel 2 cards at once?
Nov 23, 2020 | 9:50 am
#1
Original Poster
Join Date: May 2009
Location: EUG
Programs: AS MVP, AA MM, HH Diamond, MR Gold
Posts: 8,524
Cancel 2 cards at once?
Just cancelled one card that we never used, had a low credit limit, and was just taking up space in wallet. Have another in a similar situation - really will never, ever use it again. Low credit limit. What we have left are all cards we want and all have high credit limits, about 7 total, which is plenty. Credit score consistently about 825. Total credit limit on all remaining cards over $125K, use a mere fraction (2-3% a month).
Do we rip off the bandaid and get rid of both cards at the same time? Any reason to wait and cancel the second one down the road (how far down the road)?
Do we rip off the bandaid and get rid of both cards at the same time? Any reason to wait and cancel the second one down the road (how far down the road)?
Nov 24, 2020 | 6:56 am
#4
Join Date: Mar 2014
Location: New York
Posts: 19
My usual preference is to keep the line of credits open, and unused to reduce my overall credit utilization. If I were you, I'd downgrade the one with the fee to fee free version to keep the line.
I would consider cancelling if perhaps in a couple of years, I'd resign up to get the sign-on bonus.
I would consider cancelling if perhaps in a couple of years, I'd resign up to get the sign-on bonus.
Nov 24, 2020 | 8:04 am
#5
Moderator: Budget Travel forum & Credit Card Programs, FlyerTalk Evangelist
Join Date: Aug 2002
Location: YYJ/YVR and back on Van Isle ....... for now
Programs: UA lifetime MM / *A Gold
Posts: 14,684